The disclosures herein relate generally to establishing insurance rates for customers of a company, and more particularly to a system and method for establishing rates for a property insurance policy.
Establishing criteria for setting insurance rates is very complex and requires the consideration of a number of factors. Various combinations of factors have been considered in the past. It is important that the factors used are able to produce reliable results and consistent results. With respect to property insurance, a residence, for example, may include contents and/or or structure such as for example, an owned or rented single dwelling, condo or apartment.
Therefore, what is needed is a combination of factors that are consistently reliable in establishing fair rates for property insurance for both new and renewal coverage.